Columbia Economic Notes

[krazeeboi]

And this is why I think Columbia needs to make a play for the Aflac headquarters. Columbia offers a good bit more than Columbus (GA) and there's already class A office space available for them in the Palmetto Center. It only helps that they've been more successful in Columbia than they originally thought they would be when they acquired Continental American Insurance.

[Chi2Midlands]

And this is why I think Columbia needs to make a play for the Aflac headquarters. Columbia offers a good bit more than Columbus (GA) and there's already class A office space available for them in the Palmetto Center. It only helps that they've been more successful in Columbia than they originally thought they would be when they acquired Continental American Insurance.

This sounds good on paper, but Aflac is still controlled by the founding Amos family, and so I would assume as good corporate citizens they will keep the HQ in Columbus, GA. Also keep in mind that Columbus is as close to Atlanta as Columbia is to Charlotte, so the issue of getting to a large hub airport is a wash at best. Of course, that doesn't mean they won't expand operations here in the Midlands, it's just that I think it may be a bit unrealistic to think Aflac may move here.

If we're going to land another big insurance HQ, I say we go for the moon and go after a global player. One that comes to mind is Allianz from Germany. Their current Life Insurance North American HQ is in Minneapolis, and has other operations in bigger global cities like Chicago, Dallas, LA, & New York, but if we could market Columbia as a deep insurance talent base that has lower costs and is close to Charlotte and it's already established flights to Munich (which already serves as an unofficial "BMW Shuttle" from the Upstate), it may be worth a shot.

The problem with global insurance/risk management is that it is more intimately connected with global finance, and as such may see more value in locating its higher-value operations in large, established global cities like NY, London, LA, etc. This is different from manufacturing where a smaller and/or less developed but otherwise economically ambitious region can punch above their weight (as the Upstate has done very well over the last 20 years; Nashville also got Nissan to relocate its NA HQ from California) because manufacturing can find value in more greenfield locations. What that means is that if we can't get a big global player to land their North American HQ here, then at least we should try to get a large regional operation. Something like how Chase has big operation in Columbus, Ohio (a city I think we should try to emulate more). Another European insurance firm I can think of is Zurich.

[krazeeboi]

Ahhh, good info on Aflac. The distance from Columbia to Charlotte being about the same as from Columbus to Atlanta was a point I thought of as well, but perhaps some flights could be taken out of CAE which certainly has a busier airport than Columbus's. But it sounds like it's a non-starter.

I also think that Columbia should take some plays out of Columbus, OH's playbook, as that city is like a larger Midwestern counterpart of Columbia, both being centrally located state capitals home to huge universities, located along a river, having large insurance clusters, and even being named after the same person.

Good points overall.

[growingup15]

Ahhh, good info on Aflac. The distance from Columbia to Charlotte being about the same as from Columbus to Atlanta was a point I thought of as well, but perhaps some flights could be taken out of CAE which certainly has a busier airport than Columbus's. But it sounds like it's a non-starter.

I also think that Columbia should take some plays out of Columbus, OH's playbook, as that city is like a larger Midwestern counterpart of Columbia, both being centrally located state capitals home to huge universities, located along a river, having large insurance clusters, and even being named after the same person.

Good points overall.

makes plenty of sense

[krazeeboi]

Sumter Street parking garage, taken 2/25:

[johnpro318]

Looks good with a decent massing and it kind of compliments the older building next to it.

[krazeeboi]

Yes it does. That was a good design decision.

[krazeeboi]

Sumter Street garage, taken 3/25:

[growingup15]

Sumter Street garage, taken 3/25:

I can't wait to see it all lit up at night. once finished. and hoping a few stores and restaurant opens up on the lower level.

[krazeeboi]

This could have really been a boon for the fledgling fuel cell industry in Columbia: http://www.thestate.com/2012/04/04/2220022/apple-plans-fuel-cell-project.html

Haven't heard much from Don Herriott lately...is he asleep at the wheel???

[carolinagarnet]

The story about USC's endowed professors needing more research space would imply that USC has basically given up on the economic development initiative and instead focused on turning Innovista into a research campus. If that's the case, what do we need Don Herriott for? I remember Hildy Teegan and Harris Pastides emphasizing his deep industry experience at Roche during the inaugural press conference, but it would appear that he has made very little progress over the past couple years. I know the ITology project is supposed to draw high tech companies, but that's not even in Innovista. It seems like USC should get serious about developing Innovista into a new tech district or adjust the initial plans and turn it into a true research park. This tepid progress is extremely frustrating.

[growingup15]

This could have really been a boon for the fledgling fuel cell industry in Columbia: http://www.thestate....ll-project.html

Haven't heard much from Don Herriott lately...is he asleep at the wheel???

So much could of been but yet never in Columbia.

[growingup15]

A new retail center will open on Gervais Street this summer with two new tenants and space for two more.

If It’s Paper and SmartPhone Medic will move into the 9,000-square-foot, two-story center at 1801 Gervais St.

http://www.thestate.com/2012/03/30/2213401/retail-center-to-open-in-vista.html

Read more here: http://www.thestate.com/2012/03/30/2213401/retail-center-to-open-in-vista.html#storylink=cpy

[CorgiMatt]

I'm reluctant to begin a new thread, although I feel this news deserves one. Columbia has emerged as the world's leader in insurance technology. The Capital City's role in the industry has expanded at an accelerated pace in recent years and is showing no signs of letting up. It gives naming the USC basketball facility the Colonial Life Arena a whole new level of meaning.

http://www.thestate.com/2012/05/13/2274150/sc-business.html

[growingup15]

I'm reluctant to begin a new thread, although I feel this news deserves one. Columbia has emerged as the world's leader in insurance technology. The Capital City's role in the industry has expanded at an accelerated pace in recent years and is showing no signs of letting up. It gives naming the USC basketball facility the Colonial Life Arena a whole new level of meaning.

http://www.thestate....c-business.html

nice

[krazeeboi]

I'm reluctant to begin a new thread, although I feel this news deserves one. Columbia has emerged as the world's leader in insurance technology. The Capital City's role in the industry has expanded at an accelerated pace in recent years and is showing no signs of letting up. It gives naming the USC basketball facility the Colonial Life Arena a whole new level of meaning.

http://www.thestate....c-business.html

Very very interesting stuff, particularly the history of how this came about. I still feel that the city could do more to take advantage of its status here, especially combined with the notable international business program at USC. It just sounds like a grand opportunity waiting to happen.

[CorgiMatt]

Columbia ranked #21 in the nation among large metropolitan areas in manufacturing job growth from 2010 through 2011. The capital city needs to step it up in the level of "very high tech" and "moderately high tech" manufacturing jobs. Area leaders do have that goal in their focus. In the meantime, #21 out of 100 isn't bad for a place some claim is just a government-university-military-insurance-insurance technology town.

http://www.columbiabusinessreport.com/news/44003-growth-in-midlands-manufacturing-jobs-outpaces-national-average?rss=0

[johnpro318]

Don't know where to put this but... Trader Joe's is officially confirmed for Forest Drive!

http://www.thestate.com/2012/06/01/2298378/trader-joes-coming-to-forest-acres.html

Should do excellent business.

[growingup15]

Don't know where to put this but... Trader Joe's is officially confirmed for Forest Drive!

http://www.thestate....rest-acres.html

Should do excellent business.

I been knew that Edited June 1, 2012 by growingup15

[johnpro318]

I been knew that

We all have but this is the first time it has been confirmed in a printed publication. Should be open by the end of the year.

[growingup15]

COLUMBIA, SC (WIS) -

After several months of waiting, city council members and the public will soon be able to see how the development of a Walmart near downtown Columbia could affect the water quality of Rocky Branch Creek and flooding in the area.

In February, the city came to an agreement with AMEC Environment and Infrastructure, Inc. to do the $100,000 study of the impacts from the proposed shopping center at 301 Assembly St.

.

[growingup15]

City council approved the Development of the Walmart in downtown. 6-1 vote. a public meeting is going to be held Tommorow (Wednesday) at city hall.

[johnpro318]

City council approved the Development of the Walmart in downtown. 6-1 vote. a public meeting is going to be held Tommorow (Wednesday) at city hall.

Good for business and will bring other national and local business to a blighted part of town as well as some jobs.

[CorgiMatt]

It might be a Costco.

http://www.thestate.com/2012/06/06/2304832/city-clears-way-for-walmart.html

[vicupstate]

Hard to believe it will be a Costco given the area demographics. I doubt it will be anchored except by Walmart. I think this is a postive for the area on the whole.